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01-03-2007, 10:13 AM
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#4 |
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Donating 4WT 2000 Club Member
Join Date: Sep 2006
Location: Rural Wisconsin
Posts: 3,707
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You can buy whole life insurance through any life insurance company and accomplish the same.
One good way to save is to have a set amount directly deposited from your pay before you even see it. you can buy a trust or savings account, CD etc FOR the child in their name with another responsible adult as custodian. This way YOU can't touch it. Once gifted, it's out of your control. IF you choose to do this, just make sure the custodian you choose is someone who won't touch it either. It can be set up to only be withdrawn at a certain age. I would suggest setting it up so that it can't all be withdrawn at one time either.
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